The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we'll look at the latest trends for buyers and sellers, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.
Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it's important to remember that the market can vary significantly depending on location.
For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.
The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.
Do your research: Understand your budget and target areas thoroughly. The experienced team at Shinerocks can help you with buying a property in Purley, Croydon & Surrey. Simply call us on 020 8660 2010 for advice.
Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.
Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. Shinerocks is happy to recommend a trusted mortgage adviser. Please just ask for details.
Sellers may need to adopt a more strategic approach in July's market. There are still plenty of buyers around, however, the number of properties for sale dropped off slightly following the election announcement in May. With a new government now in place, it will be interesting to see whether this picks up again. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.
Generate a full report on your own property including an instant estimated valuation.
Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth. For a free valuation, call Shinerocks on 020 8660 2010 or email us at enquiries@shinerocks.co.uk.
Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.
Contact us to learn more about our home staging services.
The recent general election has added another layer to the property market. The incoming government's policies on housing, taxation, and infrastructure spending will undoubtedly impact the sector in the long run. However, the immediate effect is likely to be muted and the established nature of the UK property market suggests it will continue to function even during a period of political change.
The UK property market is in transition. Modest growth, regional variations, and the influence of the new government are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.
For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.
Shinerocks are your local estate agents in Purley, Croydon & Surrey. We are delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Purley, Croydon & Surrey, please get in touch.
Generate a full report on your own property including an instant estimated valuation.
Call us on 020 8660 2010 or email enquiries@shinerocks.co.uk to chat with a member of our friendly and experienced team.
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You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
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